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News > Companies
Medscape on life support
July 13, 2001: 1:53 p.m. ET

Medical Web portal sees revenue shortfall, cuts work force, explores sale
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NEW YORK (CNNfn) - Health information Web portal Medscape cut 22 percent of its work force and is exploring a possible sale of the company in light of preliminary results indicating second-quarter revenue will be below expectations.

Medscape (MDLI: up $0.01 to $0.36, Research, Estimates) said Friday that gross revenue will be about $14.3 million, up 4 percent from the year-ago quarter. The company blamed the shortfall on the deferral of investment decisions by several key customers.

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The company hired Lazard Freres & Co. LLC to explore strategic alternatives.

Medscape said it already has cut 100 of its 460 employees.

"While the decision to reduce our work force was a difficult one, it was necessary to balance the financial needs of the company with the current economic conditions," CEO David Moffenbeier said. graphic

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